HQ Location: New York, New York Company Founded: May 2006 Product Being Demoed: Instant Decision Product Launched: September 2009 Metrics: $35m lent to 1,000+ small business owners, $18m in equity raised, 250+ Funding Advisor Partners,
Mitch Jacobs (Founder and CEO), Noah Breslow (SVP of Products and Technology), Robert Aiello (Director of Finance & Compliance), Russ Cutler (VP, Financial Institution Development), Howard Katzenberg (Director of Strategic Development), Carrie Rattle (VP, Marketing), David Sapuppo (VP of Sales), Jorge Sun (Senior Credit Officer), Dario Vergara (Senior Director of Technology)
Contour Ventures, First Round Capital, Khosla Ventures, RRE Ventures, Village Ventures
Small business borrowers have historically been underserved, and are facing huge challenges in the current credit crisis. Traditional lending typically involves weeks of underwriting, and time-consuming collection of disparate paperwork, only to have the small business owner declined due to personal credit score. In the alternative financing space, our primary competitors are merchant cash advance providers that lend at rates equivalent to 100-200% APR due to their lack of insight into the business performance of their customers. On Deck lends on business performance in addition to credit history, which has already differentiated us from our competitors. And now, On Deck’s new Instant Decision (SM) application provides a fast and seamless online experience that tells a small business owner in minutes whether they are pre-qualified for a loan, and how much.